1. 26134 Business Statistics Autumn 2017
Tutorial 1: Introduction to Business Statistics (BStats) B MathFin (Hons) M Stat (UNSW) PhD (UTS) mahritaharahap.wordpress.com/ teaching-areas
Tell them about my background
This is a friendly Q&A session to have with students. Establish your expectations of them for each class and provide your contact details.
Discuss issues of punctuality, openness, talking, things to do before coming to class to get the most out of the activities
business.uts.edu.au

2. Student Resources
UPASS - is a voluntary “study session” where you will be studying the subject with other students in a group. It is led by a student who has previously achieved a distinction or high distinction in that subject, and who has a good WAM. You can sign up for U:PASS sessions in My Student Admin Note that sign up is not open until week 1, as it’s voluntary and only students who want to go should sign up To Sign Up to these groups go to this website: helps-booking.uts.edu.au
Maths Study CB Free drop-in one on one consultation tutoring on math/stats related questions 11am to 5pm on weekdays
Online resources such as youtube or
Discussion Board on UTS Online

4. Assessments Mid-semester (30%)
Held in your allocated tutorial in Week 7 (wb. 1st May)
Covering Lectures 1 to 5
Chapters 1 to 6 (inclusive) and Chapter 12
Multiple Choice Questions
One hour
Composite mid-semester grade applies (i.e., reweighting) but only applied if approved special consideration procedures followed
Group Report (20%)
Handed in at your allocated tutorial in Week 11 (wb. 29th May)
Demonstrate ability to locate, select and analyse data using Excel
Develops team work and communication skills
Groups of 3, 4 or 5 made up of any student enrolled in the subject (that is, not allocated by us nor tutorial specific)
More details will be provided on UTSOnline
Final Exam (50%)
Centrally conducted examination
Held in your exam period (Sat 17 Jun – 30 Jun)
Covering all lectures
Chapters 1 to 15
Written questions
Two hours
Composite Mid-Semester Grade (Re-weighting):
Students who do not attend the faculty based mid-session exam will have the weighting of that
assessment added to the final examination conditional on the students submitting, receiving
approval and complying with the requirements of special consideration in accordance with the UTS
rules. If the composite mark for the final exam then totals more than 65 percent, the UTS rules on
borderline result (range of 45-49) shall apply whereby students will be allowed to undertake a
supplementary final examination. Where a student completes and passes a supplementary
examination, the maximum mark awarded for the subject will be 50 Pass.
In addition to the information given above, guidelines, instructions and specific criteria for the
assessments will be placed on UTSOnline at an appropriate time during the semester. It is a
requirement for this assessment item that all students review this information before attempting this
assessment task. If there are any changes to the assessment details or any of the above
information, perhaps due to unforeseen circumstances, they will be announced in lectures and/or on
UTSOnline. It is your responsibility to note any changes and stay informed.

5. What is Statistics and why is it important to businesses?

6. Subject learning objectives (SLOs)
Upon successful completion of this subject students should be able to:
apply standard statistical tools in various business decision contexts within a professionally responsible framework
apply appropriate quantitative analytical techniques to qualify, support, select and evaluate data as information for business decision-making
effectively interpret and communicate results of quantitative analyses for business decision-making
effectively use a computer-based data analysis package (i.e. Excel) to critically analyse data.
Notice the SLOs emphasise application, interpreation, communication NOT mathematical proofs!
Very much business orientated.

7. In statistics we usually want to statistically analyse a population but collecting data for the whole population is usually impractical, expensive and unavailable. That is why we collect samples from the population (sampling) and make conclusions about the population parameters using the statistics of the sample (inference) with some level of accuracy (confidence level).
A population is a collection of all possible individuals, objects, or measurements of interest. A sample is a subset of the population of interest.

9. Data Classification Summary
L1: Introduction
Data Classification Summary
Time-Series
Cross-Sectional
Data Timing
Data Type
Qualitative
/ Categorical
Quantitative /
Numerical
Data Measurement Scales
Nominal
Ordinal
Interval
Ratio

10. Cross-Section vs Time-series
Cross-Section data is collected at one point in time
Example: Analysis of stock price on 14th April 2000
Time-series data is collected overtime
Example: Collecting and analyzing stock price on 14th April for year 2000, 2001…2008!
Cross-sectional – not as costly, provides snapshot, one point in time. For instance, what is the amount of the product being produced on a piece of machinery?
Time-series –costly, provides view over time. For instance, how have the perceptions of your brand changed over time.

12. Activity 3: Revisiting some mathematical rules
Maths Study CB Free drop-in one on one consultation tutoring on math/stats related questions 11am to 5pm on weekdays

13. BIDMAS: Brackets, Indices, Division and Multiplication, Addition and Subtraction
NOTE: in b), when there is a divisor line, it instructs you to treat the quantity above the numerator as if it were enclosed in a parenthesis, and to treat the quantity below the numerator as if it were enclosed in yet another parenthesis.

15. NOTE: this is a very fundamental concept and often very handy to simplify and solve problems. From decimals to percentage, multiply by 100. From decimals to fractions, divide the decimal form by 1 then multiply top and bottom of this fraction by the value that will give us an integer in the numerator. (For example, if there are two numbers after the decimal point, then use 100, if there are three then use 1000, etc.). Then simplify the fraction.

16. NOTE: this is a very fundamental concept and often very handy to simplify and solve problems. From decimals to percentage, multiply by 100. From decimals to fractions, divide the decimal form by 1 then multiply top and bottom of this fraction by the value that will give us an integer in the numerator. (For example, if there are two numbers after the decimal point, then use 100, if there are three then use 1000, etc.). Then simplify the fraction.

17. Because superscripted exponents like 107 cannot always be conveniently displayed, the letter E is often used to represent "times ten raised to the power of" (which would be written as "× 10n") and is followed by the value of the exponent; in other words, for any two real numbers m and n, the usage of "mEn" would indicate a value of m × 10n.

18. NOTE: To find out why 0. =1 go to http://mathforum

19. On the calculator:

20. SEE YOU ALL NEXT WEEK! PLEASE COME BACK